Analysts Set MGIC Investment Co. (NYSE:MTG) Target Price at $26.63

MGIC Investment Co. (NYSE:MTG) has received an average rating of “Hold” from the eight brokerages that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $26.63.

Several research analysts recently commented on MTG shares. Compass Point reaffirmed a “neutral” rating and issued a $28.00 price target (up previously from $27.00) on shares of MGIC Investment in a research note on Friday, May 23rd. Keefe, Bruyette & Woods dropped their target price on shares of MGIC Investment from $28.00 to $26.00 and set a “market perform” rating on the stock in a report on Tuesday, April 8th. Finally, UBS Group increased their target price on shares of MGIC Investment from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th.

MGIC Investment Trading Up 1.3%

MTG stock opened at $26.88 on Friday. The company has a market capitalization of $6.38 billion, a PE ratio of 9.27 and a beta of 0.89. MGIC Investment has a 12 month low of $20.35 and a 12 month high of $26.92. The firm’s 50-day moving average is $25.41 and its 200 day moving average is $24.71. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.48 and a quick ratio of 1.25.

MGIC Investment (NYSE:MTG) last posted its quarterly earnings results on Wednesday, April 30th. The insurance provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.66 by $0.09. The company had revenue of $306.23 million for the quarter, compared to the consensus estimate of $306.66 million. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. The firm’s revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.65 EPS. On average, research analysts anticipate that MGIC Investment will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 21st. Investors of record on Thursday, May 8th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date was Thursday, May 8th. MGIC Investment’s dividend payout ratio (DPR) is presently 17.28%.

MGIC Investment announced that its board has approved a share repurchase program on Thursday, April 24th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 12.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other MGIC Investment news, EVP Paula C. Maggio sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $26.49, for a total transaction of $529,800.00. Following the completion of the transaction, the executive vice president now directly owns 157,395 shares of the company’s stock, valued at approximately $4,169,393.55. This trade represents a 11.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.41% of the stock is owned by company insiders.

Hedge Funds Weigh In On MGIC Investment

A number of institutional investors have recently bought and sold shares of the business. Militia Capital Partners LP purchased a new position in MGIC Investment during the 1st quarter worth approximately $743,000. Strs Ohio purchased a new position in shares of MGIC Investment during the 1st quarter valued at approximately $2,988,000. Geneos Wealth Management Inc. increased its holdings in shares of MGIC Investment by 88.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,745 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 817 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of MGIC Investment by 5,891.9% during the 1st quarter. Jane Street Group LLC now owns 1,373,050 shares of the insurance provider’s stock valued at $34,024,000 after purchasing an additional 1,350,135 shares in the last quarter. Finally, Bayforest Capital Ltd increased its holdings in shares of MGIC Investment by 95.8% during the 1st quarter. Bayforest Capital Ltd now owns 10,654 shares of the insurance provider’s stock valued at $264,000 after purchasing an additional 5,214 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

MGIC Investment Company Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.